The difference between the least expensive Medicare Supplement insurance policy and the most expensive policy available in major Florida cities varies by as much as 45.7 percent according to the 2018 Cost Comparison by the American Association for Medicare Supplement Insurance, the Los Angeles-based trade organization.
"While Medicare Supplement insurance policies are basically standardized, each insurance company that offers coverage in Florida sets their own premiums or costs and the difference between the lowest and highest price can be significant," declares Jesse Slome, director of the organization that helps promote Medigap insurance. Medicare Supplement insurance, is often referred to as Medigap, and some 13 million American seniors have this coverage nationally.
The organization compared rates for both men and women age 65 who live in major U.S. markets. For the largest Florida cities, the largest difference between the lowest available cost and the highest could be found in Miami. "The difference was 45.7 percent," Slome shares. The lowest cost for a 65-year-old female purchasing a Medigap Plan F policy was $239.00-per-month the Association found. The highest cost for Plan F was $380.39. Details of the 2018 cost comparison findings for Florida Medicare Supplement costs for Miami, Jacksonville, Tampa, Orlando and St. Petersburg can be accessed via the organization's website.
"There are numerous factors that insurance companies review to establish their policy costs, and we don't necessarily recommend buying the least expensive Medigap plan," Slome advised. "But we do recommend Florida seniors at least learn about costs before locking into a policy or a particular insurance company."
The organization provides free access to the leading Find A Local Medicare Supplement Agent online directory providing information on nearly 1,000 professionals listed by Zip Code. Access is free and anonymous for consumers. For access visit the Association's website, www.MedicareSupp.org.
The American Association for Medicare Supplement Insurance advocates for the importance of planning and supports insurance professionals who market Medicare-related insurance products. The organization's website contains relevant research and information designed to help consumers make educated choices in their planning.